Description

BSE announces the detailed trading and settlement schedule for the cash segment covering November 1-30, 2025, including both T+1 and T+0 settlement cycles with pay-in/pay-out dates and auction schedules.

Summary

BSE has published the comprehensive trading and settlement programme for the cash (equity) segment for the period November 1-30, 2025. The circular provides detailed schedules for both T+1 (regular) and T+0 (instant) settlement cycles, including 19 T+1 settlement cycles (DR-748/25-26 through DR-766/25-26) and 19 T+0 settlement cycles (DR-443/25-26 through DR-461/25-26). The schedule covers trading dates, data entry timelines, custodian confirmations, pay-in/pay-out dates, and auction settlement schedules.

Key Points

  • Settlement schedule covers November 1-30, 2025 for cash segment
  • 19 T+1 settlement cycles starting from DR-748/25-26 (trading date: Nov 3) through DR-766/25-26 (trading date: Nov 28)
  • 19 T+0 settlement cycles starting from DR-443/25-26 (Nov 3) through DR-461/25-26 (Nov 28)
  • Each T+1 settlement includes corresponding auction settlement (RA series)
  • OTR allocation can be done until 8:00 PM on T day; OTR confirmation by custodians until 7:30 AM on T+1 day
  • T+1 pay-in at 10:30 AM with pay-out by 1:30 PM
  • Auction pay-in at 8:00 AM
  • Members must submit 6A/7A data on trading date for T+1 settlements
  • Custodian confirmation of 6A/7A data required on T+1 day

Regulatory Changes

No regulatory changes introduced. This is a routine operational schedule publication.

Compliance Requirements

  • Members: Submit pay-in instructions to Depositories/Banks by 10:30 AM on pay-in day
  • Members: Complete OTR allocation (give-up entry) by 8:00 PM on T day
  • Custodians: Complete OTR confirmation (take-up entry) by 7:30 AM on T+1 day
  • Members: Enter 6A/7A data on trading date for T+1 settlements
  • Custodians: Confirm 6A/7A data on T+1 day for T+1 settlements
  • Members: Submit auction offers as per auction settlement schedule
  • Members: Submit auction pay-in instructions to Depositories by specified auction pay-in time (8:00 AM)

Important Dates

  • First T+1 Settlement: DR-748/25-26 - Trading: Nov 3, 2025; Pay-in/Pay-out: Nov 4, 2025
  • First T+0 Settlement: DR-443/25-26 - Trading and Pay-in/Pay-out: Nov 3, 2025
  • Last T+1 Settlement: DR-766/25-26 - Trading: Nov 28, 2025; Pay-in/Pay-out: Dec 1, 2025
  • Last T+0 Settlement: DR-461/25-26 - Trading and Pay-in/Pay-out: Nov 28, 2025
  • Weekend/Holiday Adjustments: Schedule accounts for Nov 5 (no trading), Nov 15-16 (weekend), Nov 22-23 (weekend), Nov 29-30 (weekend)
  • Daily Pay-in Time: 10:30 AM for both T+1 and T+0 settlements
  • Daily Pay-out Time: 1:30 PM for both T+1 and T+0 settlements
  • Auction Pay-in Time: 8:00 AM for T+1 auction settlements

Impact Assessment

Operational Impact: This schedule is critical for operational planning by brokers, custodians, depositories, and clearing corporations. All market participants must align their internal settlement processes, fund management, and securities delivery systems with these dates.

Market Impact: Minimal direct market impact as this is a routine monthly schedule. However, proper adherence ensures smooth market functioning and timely settlement of trades.

Member Impact: Members must ensure adequate liquidity and securities availability on specified pay-in dates. The T+1 cycle provides one business day for settlement preparation, while T+0 requires same-day settlement capability.

Custodian Impact: Custodians have tight deadlines for confirming OTR transactions (by 7:30 AM T+1) and 6A/7A data, requiring robust overnight processing systems.

Risk Management: The schedule includes auction settlements (RA series) on T+2 for T+1 settlement shortages, providing a mechanism to address delivery failures and maintain market integrity.

Impact Justification

Routine monthly schedule publication essential for operational planning by all market participants, but not market-moving or compliance-critical